Fact Pattern 18-1
Bryn, Cornell, and Duke are partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 18-1. The partners decide to dissolve Equity Lending. Duke collects and distributes the firm's assets. This results in
A) nothing with respect to the firm's existence.
B) the continuation of the firm's business.
C) the termination of the firm's legal existence.
D) the temporary suspension of the firm's business.

Question

Fact Pattern 18-1
Bryn, Cornell, and Duke are partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 18-1. The partners decide to dissolve Equity Lending. Duke collects and distributes the firm's assets. This results in​
A) ​nothing with respect to the firm's existence.
B) ​the continuation of the firm's business.
C) ​the termination of the firm's legal existence.
D) ​the temporary suspension of the firm's business.

Quizplus · Accepted Answer

When the partners decide to dissolve Equity Lending and Duke collects and distributes the firm's assets, it results in the termination of the firm's legal existence. This means that the firm no longer exists as a legal entity and cannot continue its business operations.

Fact Pattern 18-1 Bryn, Cornell, and Duke Are Partners in Equity Lending, a Equity